Indian Economy -Civil Service Gurukul

10 Nov 2020 19:33

What is the Finance Commission?

The Finance Commission (FC) was established by the President of India in 1951 under Article 280 of the Indian Constitution.

It was formed to define the financial relations between the central government of India and the individual state governments.

The Finance Commission (Miscellaneous Provisions) Act, 1951 additionally defines the terms of qualification, appointment and disqualification, the term, eligibility and powers of the Finance Commission.

As per the Constitution, the FC is appointed every five years and consists of a chairman and four other members.

Since the institution of the First FC, stark changes in the macroeconomic situation of the Indian economy have led to major changes in the FC's recommendations over the years.

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Indian Economy -Civil Service Gurukul

01 Nov 2020 05:11

How to remember any topic of UPSC easily.
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Indian Economy -Civil Service Gurukul

23 Oct 2020 03:39

👉Long-Term Repo Operation
Topic related with paper 1 of commerce optional.
✅
Long-Term Repo Operation (LTRO) was introduced by the Reserve Bank in February, 2020.

✅Through this policy, the central bank would provide liquidity support to commercial banks for a period of 1 to 3 years at the current repo rate, and would accept government securities as collateral in return.

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✅This is in contrast to the other measures it was providing such as Liquidity Adjustment Facility (LAF) and Marginal Standing Facility (MSF) which provide cash to banks for a period of 1 to 28 days only.

Indian Economy -Civil Service Gurukul

14 Oct 2020 15:50

AIR 2, IAS Anu Kumari’s tips for Answer writing in UPSC Mains
https://youtu.be/AO2qaI_z_BQ

Indian Economy -Civil Service Gurukul

04 Oct 2020 02:47

Mutual Recognition of Certificates of Competency of Seafarers

👉📌Cabinet approves Model MoU with foreign countries for unilateral/bilateral recognition of Certificates of Competency of seafarers. 👉📌This is in pursuant to Regulation 1/10 of International Convention on Standards of Training, Certification and Watchkeeping (STCW) for Seafarers.
👉📌Benefits: It will facilitate unilateral recognition by another country of the certificates issued by the Directorate General of Shipping to Indian seafarers, without seeking similar recognition by India of the certificates issued by that country. 👉📌Indian Seafarers, therefore, will be eligible to be placed on ships under the flag of that country for employment, thus leading to increased employment opportunities.
The International Convention on Standards of Training, Certification and Watch keeping for Seafarers (or STCW), 1978 sets qualification standards for masters, officers and watch personnel on seagoing merchant ships.

#IR #internationalrelation

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Indian Economy -Civil Service Gurukul

21 Sep 2020 15:48

About Samarth Scheme:

Also known as the ‘Scheme for Capacity Building in Textile Sector (SCBTS)’.

Implemented by the Ministry of Textiles.

It seeks to Provide demand driven, placement oriented National Skills Qualifications Framework (NSQF) compliant skilling programmes.

 Target:

To train 10.00 lakh persons (9 lakhs in organised & 1 lakh in traditional sector) excluding Spinning & Weaving in the organized Sector

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Indian Economy -Civil Service Gurukul

21 Sep 2020 15:46

Industrial Relations Code Bill, 2020

In this, the government has proposed to introduce more conditions restricting the rights of workers to strike, alongside an increase in the threshold relating to layoffs and retrenchment.

The Code has raised the threshold for the requirement of a standing order rules of conduct for workmen employed in industrial establishments to over 300 workers.

This implies industrial establishments with up to 300 workers will not be required to furnish a standing order, a move which experts say would enable companies to introduce arbitrary service conditions for workers.
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These steps are likely to provide more flexibility to employers for hiring and firing workers without government permission.

Indian Economy -Civil Service Gurukul

11 Sep 2020 19:48

‘SAROD-Ports’ stands for Society for Affordable Redressal of Disputes – Ports.
1. Launched by the Union Shipping Ministry.

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2. It is Affordable Dispute Redressal Mechanism for all kind of disputes of maritime sector.
SAROD-Ports is established under Societies Registration Act, 1860 with the following objectives:
1. Affordable and timely resolution of disputes in fair manner.
2. Enrichment of Dispute Resolution Mechanism with the panel of technical experts as arbitrators.

Indian Economy -Civil Service Gurukul

28 Aug 2020 04:32

Issues with money financing

The standard economic argument against money financing is that it is inflationary.

However, whether a fiscal expansion is inflationary or not is related more to the state of the economy than the medium of its financing.
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When resources are unemployed, output may be expected to expand without inflation.

Indian Economy -Civil Service Gurukul

11 Aug 2020 02:49

UPSC 2019 AIR -13 Raunak Agarwal Mock interview- From Kolkata
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Indian Economy -Civil Service Gurukul

02 Jul 2020 19:33

Pradhan Mantri Gareeb Kalyan Anna Yojana
Context:

In his sixth address to the nation, Prime Minister Narendra Modi has extended the Pradhan Mantri Gareeb Kalyan Anna Yojana till November-end and said the Central government will spend Rs 90,000 crore more on providing free food to the poor.

What is Pradhan Mantri Garib Kalyan Anna Yojana?

Considered as world’s largest food security scheme, the Pradhan Mantri Garib Kalyan Anna Yojana aims at ensuring sufficient food for the poor and needy during the coronavirus crisis.
It was announced as part of the first relief package during the COVID-19 pandemic.
Part of the scheme, the food needs to be provided to all the beneficiaries under public distribution system (TPDS) for Antyodaya Anna Yojana (AAY) and priority household (PHH) ration cardholders.
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As per updates, the eligible beneficiaries will receive 5kg of foodgrains and 1 kg Gram per month.

Indian Economy -Civil Service Gurukul

02 Jul 2020 19:31

Special Liquidity Scheme for NBFCs and HFCs
RBI announces special liquidity scheme for NBFCs and HFCs through a Special Purpose Vehicle (SPV) to avoid any potential systemic risks to the financial sector.

Background:

Finance Minister had announced on 13th March 2020, launch of a Special Liquidity Scheme of Rs. 30,000 crore.

Key features of the scheme:

RBI will provide funds for the Scheme by subscribing to government guaranteed special securities issued by the Trust.
The total amount of such securities issued outstanding shall not exceed Rs. 30,000 crores at any point of time.
Government of India will provide an unconditional and irrevocable guarantee to the special securities issued by the Trust.

Who is eligible?

NBFCs, including Microfinance Institutions that are registered with the RBI, under the Reserve Bank of India Act, 1934, excluding those registered as Core Investment Companies.
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Housing Finance Companies that are registered under the National Housing Bank Act, 1987.

Indian Economy -Civil Service Gurukul

21 Jun 2020 14:12

Global Economic Prospects (GEP) 2020 report by World Bank

The World Bank has released its Global Economic Prospects (GEP) 2020 report.

Try this PYQ from CSP 2019

Q.) The Global Competitiveness Report is published by the-

(a) International Monetary Fund

(b) United Nations Conference on Trade and Development

(c) World Economic Forum

(d) World Bank

Global Economic Prospects (GEP)

GEP is a World Bank Group flagship report that examines global economic developments and prospects, with a special focus on emerging market and developing economies.

It is issued twice a year, in January and June.

The January edition includes in-depth analyses of topical policy challenges while the June edition contains shorter analytical pieces.

Summary of the report

In a nutshell, the outlook for the global economy for 2020 has darkened, amid slowing activity and heightened downside risks.

1) On poverty

The scope and speed with which the COVID-19 pandemic and economic shutdowns have devastated the poor around the world are unprecedented in modern times.

Current estimates show that 60 million people could be pushed into extreme poverty in 2020.

2) Policy choices

Policy choices made today include greater debt transparency to invite new investment, foster advances in digital connectivity, and a major expansion of cash safety nets for the poor.

The financing and building of productive infrastructure are among the hardest-to-solve development challenges in the post-pandemic recovery.

3) Emerging Market and Developing Economies (EMDEs)

EMDEs face health crises, restrictions and external shocks like falling trade, tourism and commodity prices, as well as capital outflows.

These countries are expected to have a 3-8% output loss in the short term, based on studies of previous pandemics, as per the analysis.

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Growth is likely to slow more in commodity-exporting EMDEs than in commodity-importing ones.

Indian Economy -Civil Service Gurukul

16 Jun 2020 17:30

https://www.civilservicegurukul.com/universal-basic-income/

Indian Economy -Civil Service Gurukul

09 Jun 2020 06:10

https://www.civilservicegurukul.com/recruitment-for-faculty-and-content-writer-at-civil-service-gurukul-upsc-ias-exam/

Indian Economy -Civil Service Gurukul

04 Nov 2020 14:25

Currency Swaps

◾️ A currency swap, also known as a cross-currency swap, is an off-balance sheet transaction in which two parties exchange principal and interest in different currencies.
◾️ The purpose of a currency swap is to lower exposure to exchange rate risk or reduce the cost of borrowing a foreign currency.

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Benefits of currency swap:

◾️ The absence of an exchange rate risk is the major benefit of such a facility.
◾️ This facility provides India with the flexibility to use these reserves at any time in order to maintain an appropriate level of balance of payments or short-term liquidity.
◾️ Currency swaps between governments also have supplementary objectives like promotion of bilateral trade, maintaining the value of foreign exchange reserves with the central bank and ensuring financial stability (protecting the health of the banking system).

Indian Economy -Civil Service Gurukul

28 Oct 2020 05:04

Current affairs related with International Labour Organization

#Special focus on industrial relation of Commerce Optional.

After 35 years, India has assumed the Chairmanship of the Governing Body of International Labour Organization (ILO).

About the International Labour Organization

The ILO is a UN agency whose mandate is to advance social and economic justice through setting international labour standards.

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Founded in 1919 under the League of Nations, it is the first and oldest specialised agency of the UN.

The ILO has 187 member states: 186 out of 193 UN member states plus the Cook Islands.

The ILO's international labour standards are broadly aimed at ensuring accessible, productive, and sustainable work worldwide in conditions of freedom, equity, security and dignity.

About its Governing Body

The Governing body is the apex executive body of the ILO which decides policies, programmes, agenda, budget and elects the Director-General.

It meets three times a year, in March, June and November.

Significance for India

India will be presiding over the upcoming meeting of the Governing Body to be held in November 2020.

India would have the opportunity to interact with the senior officials and social partners of the member states.

It will also provide a platform to apprise participants of the transformational initiatives taken by the Government in removing the rigidities of the labour market.

Indian Economy -Civil Service Gurukul

18 Oct 2020 09:52

https://youtu.be/_OBtfEuMu7Y

Indian Economy -Civil Service Gurukul

05 Oct 2020 01:25

About Jal Jeevan Mission

This mission was envisaged by the Prime Minister on 29th September, 2020 while releasing the 'Margdarshika' for Gram Panchayats and Paani Samitis for implementation of Jal Jeevan Mission (JJM).

Provisions have been made under Jal Jeevan Mission for ensuring safe water through tap water connection in schools, anganwadi centres, health care centres, etc.

National Jal Jeevan Mission has reached out to States/ UTs to ensure that during this campaign, Gram Sabhas are convened at the earliest to pass a resolution for providing safe water in all schools, anganwadi centres and other public institutions in the village in the next 100 days.

These facilities will be operated and maintained by the Gram Panchayat and/ or its sub-committee i.e. Village Water & Sanitation Committee or Paani Samiti.

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Jal Jeevan Mission (JJM) aims at the universal coverage of provision of tap water connection to every rural home by 2024. Under the mission, special focus is on women and children.

 

Indian Economy -Civil Service Gurukul

04 Oct 2020 02:45

Best of Luck and Best wishes to all the candidates appearing for Prelims 2020.
Hope for the best.
Civil Service Gurukul Team.
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Indian Economy -Civil Service Gurukul

21 Sep 2020 15:46

(2) Social Security Code

It proposes a National Social Security Board which shall recommend to the central government for formulating suitable schemes for different sections of unorganised workers, gig workers and platform workers.

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Also, aggregators employing gig workers will have to contribute 1-2 per cent of their annual turnover for social security, with the total contribution not exceeding 5 per.

Indian Economy -Civil Service Gurukul

11 Sep 2020 19:50

EASE 2.0 Banking Reforms Index:
________________________________________
Context:
Recently, the EASE (Enhanced Access and Service Excellence) 2.0 Banking Reforms Index on performance of Public Sector Banks (PSB) from March 2018-2020 was released and best performing banks on EASE were felicitated.
What is EASE Reforms Agenda?
1. It was launched in January 2018 jointly by the government and PSBs.
2. It was commissioned through Indian Banks’ Association and authored by Boston Consulting Group.
3. EASE Agenda is aimed at institutionalizing CLEAN and SMART banking.
4. The Index measures performance of each PSB on 120+ objective metrics.

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What is EASE 2.0?
EASE 2.0 builds on the foundation of EASE 1.0 and introduces new reform Action Points across six themes to make reforms journey irreversible, strengthen processes and systems, and drive outcomes.
The six themes of EASE are:
1. Responsible Banking.
2. Customer Responsiveness.
3. Credit Off-take.
4. PSBs as UdyamiMitra (SIDBI portal for credit management of MSMEs).
5. Financial Inclusion & Digitalisation.
6. Governance and HR.
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Indian Economy -Civil Service Gurukul

11 Sep 2020 19:47

Five Star Villages Scheme:
________________________________________
Context:
The Department of Posts has launched a scheme called Five Star Villages, to ensure universal coverage of flagship postal schemes in rural areas of the country.
1. The scheme is being launched on pilot basis in Maharashtra.
The schemes covered under the Five Star scheme include:
1. Savings Bank accounts, Recurrent Deposit Accounts, NSC / KVP certificates.
2. Sukanya Samridhi Accounts/ PPF Accounts.

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3. Funded Post Office Savings Account linked India Post Payments Bank Accounts.
4. Postal Life Insurance Policy/Rural Postal Life Insurance Policy.
5. Pradhan Mantri Suraksha Bima Yojana Account / Pradhan Mantri Jeevan Jyoti Bima Yojana Account.

Indian Economy -Civil Service Gurukul

28 Aug 2020 04:30

Finance Commission (FC)

The FC is a constitutionally mandated body that decides, among other things, the sharing of taxes between the Centre and the states.

Article 280 (1) requires the President to constitute, "within two years from the commencement of this Constitution.
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And thereafter constitute FC at the expiration of every fifth year or at such earlier time as the President considers necessary.

An FC "which shall consist of a Chairman and four other members".

Divisible Pool of Taxes

Under Article 280(3) (a) the FC must make recommendations to the President "as the distribution between the Union and the States of the net proceeds of taxes which are to be, or maybe, divided between them under this Chapter and the allocation between the States of the respective shares of such proceeds".

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Accordingly, the FC determines a formula for tax-sharing between the states, which is a weighted sum of the states' population, area, forest cover, tax capacity, tax effort and demographic performance, with the weights expressed in percentages.

This crucial role of the Commission makes it instrumental in the implementation of fiscal federalism.

Indian Economy -Civil Service Gurukul

25 Jul 2020 06:37

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Indian Economy -Civil Service Gurukul

02 Jul 2020 19:32

From Monday , We will launch guidance program on GS Paper 3 and India Economy for UPSC (IAS) Exam .Schedule will be shared soon. for more details Contact at @cadhananjay

Indian Economy -Civil Service Gurukul

22 Jun 2020 13:49

About AIIB

The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank with a mission to improve social and economic outcomes in Asia, began operations in January 2016.

AIIB has now grown to 102 approved members worldwide.

AIIB is a brainchild of China. The prime aim of the AIIB is infrastructure development.

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By establishing interconnectivity across Asia through advancement in the construction of infrastructure and other productive services, the AIIB can stimulate growth and economic development in the Asian Region.

Indian Economy -Civil Service Gurukul

16 Jun 2020 17:36

https://www.civilservicegurukul.com/indian-gas-exchange/

Indian Economy -Civil Service Gurukul

15 Jun 2020 08:51

What is Universal Basic Income?

It is a program for providing all citizens of a country or other geographic area/state with a given sum of money, regardless of their income, resources, or employment status.

The main idea behind UBI is to prevent or reduce poverty and increase equality among citizens. The essential principle behind Universal basic income is the idea that all citizens are entitled to a livable income, irrespective of the circumstances they’re born in.

UBI has the following important components:
1. universality (all citizens included)
2. unconditionality (no prior condition)
3. Periodic (Payments at periodic regular intervals)
4. Payments in cash (not food vouchers or service coupons)
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Benefits of Universal Basic Income (UBI):
1. Provide secured income to individuals.
2. Reduce poverty and income inequality in society.
3. Increase the purchasing power of every poor which will further increase aggregate demand.
4. Easy to implement because no identification of the beneficiary is involved.
5. Reduce the wastage of government money because its implementation is very simple.

Indian Economy -Civil Service Gurukul

27 May 2020 09:17

#Fact4UPSCPRELIMS
What is ANITA?

Designed by NASA, the ANITA instrument is a radio telescope which is used to to detect ultra-high energy cosmic-ray neutrinos from a scientific balloon flying over Antarctica.

ANITA is the first NASA observatory for neutrinos of any kind.

It involves an array of radio antennas attached to a helium balloon which flies over the Antarctic ice sheet at 37,000 meters.

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